Debt relief is the generic phrase for all of the various methods of debt help available to consumers. The most popular debt relief methods are filing for bankruptcy, debt consolidation, credit counseling and debt settlement. Each method of debt relief emphasizes that the consumer changes their spending habits to prevent adding more debt to what they already have.
Bankruptcy, for example, forces the consumer to meet with a court-appointed credit counselor to examine their finances in order to determine whether or not they can reasonably repay a portion of the debts that are owed to their creditors. Credit counseling, unlike the other debt relief methods, focuses solely on the consumer’s individual responsibility for reducing their own debt, usually through better budgeting and saving practices.
Debt consolidation involves combining bills into as few payments as possible, sometimes at a lower interest rate. The goal being, of course, to lower the borrower’s minimum required monthly obligations to creditors. Debt settlement, on the other hand, includes some form of debt forgiveness. This may be the best option for consumers who have fallen so far into debt, either through unemployment or illness, that they are unable to repay any significant portion of their outstanding debts.
Expand and learn more about basic borrower requirements at Lending Club (Not available in all states).
The best thing to do is to contact a debt counseling company to discuss your options. A representative from these companies can offer you a variety of debt relief plans depending on your finances and the types of debt that you have, including consolidation loans, credit counseling, and debt settlement, with each working in a different way and offering varying benefits on how it can help you lead a debt-free life in the near future.
Make proper choices when shopping for debt consolidation and consumer finance related services. Please be sure to spend some time and educate yourself before making any decisions regarding your personal finances!
Other Debt Relief & Counseling Services
- Advantage Credit Counseling Service – Offers non-profit debt management and credit counseling services nationwide.
Advantage Debt Management of America – Internet division of Cincinnati Credit Counseling Services.
- Alliance Credit Counseling – Non-profit credit counseling organization offers nationwide services.
American Association of Debt Management Organizations – National trade association for the debt management and credit counseling industry.
- American Consumer Credit Counseling – National non-profit credit counseling agency offers financial education and debt consolidation.
- American Credit Foundation – Organization providing credit counseling and budgeting help.
American Debt Solutions – Offers credit card debt consolidation. American Family Credit Counseling – Bonded and AICCA member credit counseling organization.
- American Financial Solutions – Non-profit organization offers credit counseling and educational programs.
Ammend Credit Counseling – National non-profit credit counseling agency with consultations 24 hours a day, 7 days a week. Association of Independent Consumer Credit Counseling Agencies – Directory of non-profit counseling organizations meeting membership standards. Auriton Solutions – USA national non-profit credit counseling agency providing free consultation and education for debt relief.
- Big Solutions, Inc. – Accredited debt management and credit counseling organization.
CCCS of Orange County, California – Non-profit counseling agency based in Orange County, California. CCCS of Delaware Valley – Non-profit counseling agency serving Philadelphia and the Delaware Valley. CCCS of New Hampshire and Vermont – Non-profit agency serving New Hampshire and Vermont. CCCS of the Inland Northwest – Non-profit agency serving eastern Washington and northern Idaho. Christian Credit Counseling Centers – Houston based organization that accepts secured debt on their plan.
- Christian Credit Counseling Service – Non-profit division of Christian Asset Resource Educational Services based in Tulsa, OK.
Christian Credit Counselors – Debt counseling from a Christian organization. Clear Blue Debt Solutions – Non-profit agency offering Debt Management Programs.
- ClearPoint Credit Counseling Solutions – National, non-profit agency offering free consumer credit counseling, student loan counseling, budgeting help, mortgage default assistance and foreclosure counseling.
Community Credit Counseling Services – Non-profit organization helping individuals and families become financially independent by paying off debt and learning financial management strategies.
- Consolidated Credit Counseling Services, Inc. – Non-profit organization offers debt counseling and financial education services across the USA.
Consumer Budget Counseling – Non-profit organization offers credit counseling services nationwide.
- Consumer Credit and Budget Counseling – Non-profit agency offering consumer credit counseling.
Consumer Credit Counseling of Greater Dallas, Inc. – CCCS of Dallas is a non-profit community service helping consumers avoid bankruptcy through education and counseling. Consumer Credit Counseling Service of Atlanta – Services Atlanta area and also West Palm Beach, FL. Consumer Credit Counseling Service of Central Florida and the Florida Suncoast – Non-profit counseling. Consumer Credit Counseling Service of Coons-Curry – Oregon headquartered NFCC member counseling organization. Consumer Credit Counseling Service of Greater Fort Worth – Debt counseling services for the Greater Fort Worth, Lubbock, Central Texas areas. Consumer Credit Counseling Service of Los Angeles – Non-profit one-on-one counseling and education. Consumer Credit Counseling Service of Maryland and Delaware – Offers community education, budget counseling and debt repayment programs. Consumer Credit Counseling Service of Nevada – Non-profit organization offering free credit counseling. Consumer Credit Counseling Service of New Jersey – New Jersey’s oldest non-profit credit counseling agency. Consumer Credit Counseling Service of San Francisco – Accredited Non-profit firm. Required certification for all staff counselors. Consumer Credit Management, Inc. – Non-profit credit counseling agency located in Farmington Hills, MI. Consumer Credit Management Services – Non-Profit credit counseling organization offering financial planning, education and debt relief. Consumer Debt Management Northeast – Offers a consolidation program for clients with debts. Cook County Consolidation – Accredited Chicago area debt counseling firm.
- Cornerstone Financial Education – HUD approved, non-profit financial education, and counseling agency with an A rating from the BBB.
- Credit Advisors Foundation – Services include budget balancing and bill consolidation.
Credit Advocates – Licensed and accredited not-for-profit organization offering credit counseling services.
- Credit Card Management Services, Inc. – Non-profit debt consolidation and credit counseling organization.
- Credit Counseling of Arkansas – Non-profit counseling agency with locations throughout Arkansas.
Credit Network – Maryland based non-profit debt counseling organization.
- CreditGuard of America – Non-profit credit counseling agency based in Boca Raton, Florida.
- Debt Counseling Corp. – Non-profit organization features credit card consolidation.
- Debt Reduction Services – Debt management assistance with locations throughout the US.
- Debt Wave Credit Counseling – Offers non-profit credit counseling and management services.
- Debt Free America – Offering free debt management and credit counseling nationwide.
DebtServe – Provides nationwide debt management services and educational materials.
- Delray Credit Counseling – Company assists consumers with budget planning and credit counseling.
A Family Budget Counseling, Inc. – New York based non-profit credit counseling organization.
- Family Credit Management – Non-denominational Christian credit counseling agency.
Family Life Resources – Offering credit counseling, bankruptcy counseling certificates, and educational services.
- The Financial Counseling Association of America – Provider of counseling in credit, student loan, & bankruptcy, and financial education services.
- Financial Guidance Center – Helping you get control of your finances or reaching your housing goals via financial education and counseling.
Genesis Financial Management – Non-profit credit counseling agency open 7 days a week.
- GreenPath Debt Solutions – Servicing AR, IL, MI, NY, WI and NJ.
- Guidewell Financial Solutions – Providing certified credit counselors, objective advice when considering bankruptcy, certified housing counseling & education programs, and financial coaching to help meet your goals in Maryland and Delaware.
Harbour Credit Counseling – Provides non-profit credit counseling and debt management services to families across the United States.
- InCharge Debt Solutions – Nationwide debt management and credit counseling services. AICCCA member.
Julian Credit Management – Non-profit organization offers credit counseling services nationwide. Metropolitan Debt Solutions – Non-profit credit counseling service.
- Money Management International – A full-service credit counseling service agency.
Myvesta – Non-profit group providing help, programs, and solutions for difficult financial problems.
- National Foundation for Credit Counseling – Non-profit agency offering consumer education.
Novadebt – Organization provides credit counseling, housing counseling, budgeting, and financial education to consumers in need.
- Navicore Solutions – Dedicated to helping consumers with credit card debt who need debt consolidation with services that typically include credit counseling, financial education, budgeting, and working with creditors.
- Pioneer Credit Counseling – Bonded, non-profit credit counseling company offering a debt management program nationwide.
- Transformance, Inc. – Informing consumers to wiser uses of money and credit since 1973 by being a trusted non-profit resource of financial help, education, and empowerment in Dallas, TX.
- Trinity Debt Management – Ohio based, non-profit counseling agency offering services nationwide.
Visual Credit Counseling – Non-profit organization offers consumer credit counseling. Yes We Can Foundation – Canadian organization offering counseling and financial education to single mothers.